XAU/USD At Resistance

Gold has been trading to the upside for the past couple of weeks as price advanced from $1,205 to a high of $1,258. Recently the precious metal reached the resistance level right at its highest high and depreciated slightly since then.

Currently, Gold is trading at $1,252 and by the way is looks it will consolidate at current level until new developments stir the market.

Gold bugs are ready to take it higher should we see bad US reports this week that could hurt the growth of the US dollar. Above $1,260 which is seen as immediate resistance. Next bull goal is the $1,296.50 level which forms triple top. Above that eyes are on $1,340.

Chart: XAU/USD H4